| There were 10.3 million job openings across the economy at the end of October. That is down 353,000 from September but still historically elevated.
Why it matters: There are now 4.3 million more job openings than unemployed workers. Businesses still struggle to find workers.
By the numbers:
- Openings decreased in state and local government, excluding education (101,000); nondurable goods manufacturing (95,000); and federal government (61,000).
- They increased in other services (76,000) and in finance and insurance (70,000).
Big picture: The cooling economy is causing openings to drop, but not by much. The still-tight labor market is a big part of “second-hand pessimism.” Businesses say the economy is poor, but they’re still hiring as if it’s strong.
Similarly, workers remain confident they can leave their jobs and find new ones, even as their confidence in the economy is low.
- 4 million people quit their jobs in October, down from the 4.45 million all-time high in March but still historically high.
Bottom line: The slowing economy should cause the labor market to cool eventually. It is a key metric the Fed will watch to evaluate whether their anti-inflationary policies are working. But so far, the unique post-COVID labor market is showing no signs of slowing. |
